Ten Ways to Lose Money in Wall Street
By the Market Cynic
After many hours of toil and deep thought, I have compiled a dependable guide for stock traders: Ten Ways to Lose Money in Wall Street.
I won’t attempt to explain or qualify these precepts, because my readers will doubtless follow them regardless of any advice, from any source, to the contrary.
Put your trust in board-room gossip.
- Believe everything you hear, especially tips.
- If you don’t know, guess.
- Follow the public.
- Be impatient.
- Greedily hang on for the top eighth.
- Trade on margins.
- Hold to your own opinion, right or wrong.
- Never stay out of the market.
- Accept small profits and large losses.
(source: Tape Reading & Market Tactics by Humphrey B. Neill, 1931)